John Murphy: FRIDAY UPSIDE REVERSAL MAY GIVE WAY TO OVERSOLD BOUNCE AS NYSE INDEX BOUNCES OFF NOVEMBER LOW — MATERIAL AND FINANCIAL SPDRS BOUNCE OFF 200-DAY LINES — SELL SIGNAL IN NYSE BULLISH PERCENT INDEX, HOWEVER, ARGUES AGAINST QUICK RECOVERY

The stock market remains in a downside correction as evidenced by the breaking of initial support levels and negative turns in several longer-term technical indicators (more on that later)....

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